Instant access savings accounts are the best savings account for savers who want to earn a decent rate of interest but also want to be able to access their money without any notice period.
Most instant access savings accounts are very straightforward savings accounts with no withdrawal penalties that only require you to deposit one pound to open the account. It is well worth checking the small print on savings accounts that advertise themselves as instant access savings accounts though as some providers have begun offering easy access accounts.
These easy access savings accounts normally have interest penalties if you make too many withdrawals in a year or you don’t give enough notice. These accounts are therefore not true
instant access savings accounts.
Another thing to watch out for is how an instant access savings account is operated. Does it offer 24/7 online access? Can you transfer money in and out through the provider’s website or do you have to telephone or go into a branch?
Obviously if you don’t want to use the internet then you will have fewer
instant access savings accounts to choose from as providers tend to offer better rates on online-only savings accounts as they see them as lower cost. Branch savings accounts are often the most expensive with those offering telephone access the next most expensive.
